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8-02-2010
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FOCUS ON SPAIN
FOCUS on SPAIN The territory of Spain includes most of the Iberian Peninsula, the Balearic Islands in the Mediterranean Sea, the Canary Islands in the Atlantic Ocean, the North African cities of Ceuta and Melilla and some other small islands. Spain became a full member of the European Economic Community in 1986. Spain is organized into 17 Autonomous Communities or Regions, with 6 of them (Catalonia, the Basque Country, Galicia, Valencia, Navarra and the Balearic Islands) having their regional languages recognized officially together with Spanish (or “Castillan”). Each Region is financially autonomous but also receives part of the general State budget. All these regions present a rich variety of cultures, each with its own history, with a high density of artistic works and monuments that make Spain the country with the highest number of UNESCO World Heritage listings. The Spanish population has started increasing again in the last decade, reaching 46,6 million, with over 5 million of foreign residents. About 31% of the population live in the capitals of the provinces. Spain is also one of the youngest European nations, with 15.3% of the population under 16 years old, 68% aged between 16 and 64 and 16.7% over 65.
Basic country indicators, 2009 Population
46,661,950
GDP
€ 671,442 billions
GDP per capita
€ 14,537
Real growth in GDP
-3.7%
Source: IMF - International Monetary Fund
Economy overwiew Spain is the 9th largest economy in the world by GDP, the 6th largest receiver of foreign direct investment (FDI), the 8th largest issuer of FDI and the 6th largest exporter of commercial services. Last year’s wordwide downturn affected the Spanish economy after some years of sustained growth. The Minitry of Economy forecasts that GDP growth will be ranging between 0 and -0.6% in 2010. As the crisis also hit hard the labour environment causing a steep rise in unemployment figures, the government is planning to introduce labor-market reforms aiming to contain the effects of this downturning trend and to promote job creation especially for younger people. Spanish economy is quite diversified, with great contribution given by the manufacturing sector and services. These two sectors account for 85% of GDP (the services’ sector alone contributes 68%), while agriculture’s share is less than 3%. Tourism plays an important role as Spain is the second country in the world for number of international tourists (almost 60 millions a year). Madrid and Barcelona are the two main cities and trade hubs, concentrating most of the economic activities. The technological and industrial infrastructure has benefited from the establishment of 72 technological parks hosting over 2,600 companies, mainly operating in telecommunications and IT.
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